Cred secures $251 million fundraise in Series E round at a valuation of $4 bn
- ByStartupStory | October 19, 2021
CRED, a fintech firm, has raised $251 million in a Series E investment, doubling its valuation to $4.01 billion. The new round was cooled by existing investors Tiger Global and Falcon Edge. London-based Marshall Wace and Steadfast Venture Capital also participated in this round, as well as existing investors DST Global, Insight Partners, Coatue, Sofina, RTP and Dragon. These include startup Kunal Shahled’s second fundraiser in six months.
This roundtable nearly doubles CRED’s valuation after raising $215 million in the D roundtable for a $2.2 billion valuation in April. Prior to that, the company had raised $80 million in its Series C round led by DST Global Partners in December last year.
CRED has raised $471.2 million in 7 funding rounds from 29 investors so far. After the recent round, the amount of the investment in CRED stands at $722.2 million.
The company has completed its three rounds of funding in one year and will join companies such as DealShare, Apna, CityMall, Spinny and OfBuisiness that have also raised or are closing three rounds of funding in one year.
CRED, launched in 2018, is a card payment platform that rewards customers with points for paying their bills. However, in its pursuit of becoming a full-fledged financial services company, it has since added additional services such as rent payment and personal loans.
The company is owned by serial entrepreneur Kunal Shah. CRED’s scant review of the past 12 months indicates that Shah is making every effort to monetize the platform to attract more investors and customers. The company recently announced Mint PeertoPeer Loan, a product that allows CRED users to lend money at 9 percent interest to others.
Monetization is the most important aspect for CRED, as it allows users to remove hidden charges on their credit card statements and performs similar functions, but is unable to reap the benefits.
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